Forex Trade Diary

First name: Brian
Country of residence: A
Years of trading experience: 23 years
The platform/products you were using: easy-forex web trading.

The first thing I did was to set up my account on easy-forex and then applied for the $100+$100 bonus. The whole process was swift and by opening bell on Monday I was ready to go with my bonus capital ready to be deployed.

$200 is not a huge amount to trade with so I decided a couple of rules were needed in order to have the most chance of success.

First, I decided I would make no more than two trades per session, with a session being defined as Asia, Europe or US. This would act to reduce the cost of overtrading and give trades time to develop. Second, I decided that I would trade using the minimum lot size so as to keep risk to a minimum.

Monday

Monday happened to be a public holiday in Germany, the UK and in the United States. As a result, many markets were closed and no trades were made.

Tuesday

On Tuesday, I found a significant piece of research that indicated European stocks often move higher when US markets are on holiday – due to the lack of important news on the calendar.

Even though German markets were also on holiday on Monday, I decided there might be an opportunity on Tuesday morning since there was a lack of direction with US markets closed the night before.

I therefore loaded up the easy-forex webtrader and bought 0.02 lots of DAX at a rate of 11763 in the morning. The webtrader was able to lock in my trade with a relatively tight spread.

The DAX proceeded to move higher but unfortunately did not meet my profit target. The market quickly reversed and my trade was stopped out for a loss of -$27.28.

I then turned my attention to USDJPY. The currency was in a strong upward trend and above all of its key moving averages. Since commodities and currencies exhibit trending characteristics I looked for an opportunity to go long.

Shortly before the open of the US session, USDJPY broke out past $123. It then pulled back but failed to break any major support. I went long at a rate of 123.018 and held the trade open for several hours and also overnight. I eventually closed the trade at 123.494 using the easy-forex iPhone app for a $37.60 profit.

Whilst this trade was in duration I also took a short-term opportunity in the S&P 500. I bought 0.02 lots of SPI at 2,104.75. Later on, I moved up my stop loss and eventually took a $9 profit.

Tuesday P/L: +$19.32

Wednesday

I closed my USDJPY trade but did not see any other suitable trades on Wednesday.

Thursday

On Thursday morning I turned my attention to the EURGBP currency pair which experienced strong upward movement in the prior session.

Because of my belief that currencies exhibit trending properties and with a number of economic reports set to come out of Europe (which I felt would beat expectations owing to recent monetary expansion) I looked for another long entry.

I was rewarded when EURGBP broke out on the hourly chart so I went long at a rate of 0.71007 and closed the trade roughly fours hour later for a profit of $30.85.

At the same time, I thought German stocks would benefit from stronger economic reports so went long DAX at a rate 11,735. Using the easy-forex webtrader I was able to freeze this rate for several seconds before initiating the trade. Unfortunately, the market did not move higher and the trade was stopped out for a -$17.69 loss.

In the US session, I made a short term trade in the Nasdaq as I felt US markets were oversold. Despite eventually moving higher, I closed this trade too early for a loss of -$0.60.

Thursday P/L: +$12.56

Friday

On Thursday, the Nasdaq had a good day, climbing around 80 points as a number of corporate acquisitions boosted investor optimism. As a result, I was still bullish on Friday morning and looked for an opportunity to join the trend. I therefore went long 0.02 lots of NDQ at 4544.50. I sold at 4538.63 for a $2.35 loss as I realised I was chasing the market.

In the European session, I turned my attention to GBPUSD. The pair had been in a steady downtrend but had moved up past its pivot level on low volume. There was little economic data on the agenda so a continuation of the trend looked likely.

As the currency broke back under the pivot I sold it for an average price of 153076.5. I bought the currency back a couple of hours later at 1.526980 for a profit of $19.72. I missed some profit as the market continued to fall after that.

Friday P/L: +$17.37

Overall, the week’s profits came to just under $50. During that time, the easy-forex platform was intuitive, responsive and reliable.

Total Week P/L: +$49.25

These are trader’s personal recommendations and/or strategies. This is not financial advice or a recommendation by easy-forex or advertisement for other products owned by third parties.

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Source:: Forex Trade Diary

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